During the presentation, please feel welcome to submit questions using the Zoom Q&A interface at the bottom of your screen. After the fireside chat, we'll open to your questions. With that, Mark, I'll turn it over to you. Thank you, Alex. I want to thank everybody for attending today. It's a pleasure. I'm going to give you a little bit of a background on The Beachbody Company, now known as BODi. Talk about the journey that we've been on with the turnaround and all the exciting news that we've got in front of us. I've been with the company just over two years. I have a long background of running major public companies. I was attracted to this company, one, because I do turnarounds, and two, because of the tremendous asset base that exists here. This company has the most impressive library of fitness programs in the world, over 135 of these programs with over 9,000 hours of video. Some of the greatest names in the history of fitness, P90X, Insanity, 21 Day Fix, that's all part of our library. We've got that. We have a nutrition business. The lion's share of that is the Shakeology business, which is the world's first superfood protein shake. That product's been around about 15 years and has sold cumulatively $4 billion worth of product, 1 billion servings. It's never been sold in a retail store. It's only been sold direct to the consumer. The company went public several years ago on a De-SPAC, then got itself into a turnaround situation. That's when I joined in June of 2023. Let me tell you basically what's going on. By the way, we have Carl Daikeler with us today. Carl is our Co-Founder and CEO. Carl is the pioneer of what you would know as the at-home fitness industry. He's been with the company the entire 27 years. All of the famous infomercials that you used to buy videos and DVDs from was all pioneered by Carl and his team at The Beachbody Company. Brad Ramberg, who's our CFO, he's been at the company close to 20 years and was previously the CFO for the company's run from $85 million in revenue to north of $1 billion in revenue. A little anecdotal tidbit, when I was the first Chairman and CEO of a startup called NetZero, which became the huge United Online Internet conglomerate, Brad was the CFO of Idealab, which was our first NetZero investor. This is kind of a kismet of us all coming back together. My joining in June of 2023, the goal was to embark upon a 3-year turnaround plan. The first two years would be a complete financial re-architecture of the company. The third year, which will be 2026, would be the year where we would focus on top-line growth and new products. What have we done? It's kind of remarkable. We have lowered the overhead in the company such that the break-even, which was $900 million previously, the cash break-even level, has now been lowered to less than $200 million. We have lowered the cash break-even requirement from a revenue standpoint by over $700 million. We have increased our gross margins well in excess of 1,000 basis points. The company had not previously been cash flow positive, EBITDA positive. We now had seven consecutive quarters of positive adjusted EBITDA, totaling a cumulative $39.5 million. We are free cash flow positive for the first half of 2025. First time that's happened in many years. We made $4.1 million of positive free cash flow. We publicly articulated on our earnings call last week that we have a line of sight to being free cash flow positive for the full year of 2025, which would be the final leg of the turnaround, financial turnaround stool. We also had a $50 million debt level when I joined with a company called Blue Torch Capital. We lowered that dramatically to a sub $20 million. It had a term that was coming due in February of 2026. We have refinanced that facility with Tiger Finance and SG Capital for a $25 million 3-year facility. In so doing, we lowered our cost of capital by almost 40%, from almost 28% - mid 15% range. We have a 1-year moratorium on principal repayment. We have done a complete and total restructuring of the company, massive lowering of the break-even, EBITDA positivity for seven quarters, totaling $39.5 million of cumulative adjusted EBITDA, free cash flow positive for the first half of the year at $4.1 million, line of sight to free cash flow positive for the entire year. We reduced our headcount from over 1,300 people to now less than 300 people. We streamlined all of the operations of the company. What we are about to embark upon in 2026 is a very exciting new initiative where we will become a virtual consumer packaged goods company. We are taking our billion-dollar brand names, which are P90X, Insanity, and Shakeology, and we are going to launch them into the retail market in the supplement business. We have created an entire line of P90X nutritional supplements with beautiful packaging. They will be launched in probably Q1 of 2026 into food stores, drug stores, mass merchants, and club stores. We are taking our Shakeology brand, which has done $4 billion of cumulative sales and has had over a billion servings. We're taking it retail with brand new packaging and a much smaller form factor so that we can have an attractive retail price point. In the back half of 2026, we're taking our massive brand name, Insanity, which has over 40 million qualified views on the Insanity exercise program. We're launching a line of nutritional supplements, energy drinks, et cetera, under the Insanity brand name. What makes this really compelling is that we're going to do, for the first time in a decade, a brand new P90X exercise program. The biggest extreme fitness program in the history of the fitness industry will be coming out in Q1, coincident to the launch of the P90X nutritional supplement line, which will give us the opportunity to be the only company to ever have the ability to cross-promote both a fitness program and a nutritional supplement at retail at the same time. It will feature a QR code-based promotional activity that will allow a consumer who buys a P90X nutritional supplement to get a one-month P90X exercise program for free, which is a $35 value, which basically makes it like they're buying the nutritional supplement for nothing. We'll do the same thing in the back half of 2026 when we launch Insanity nutritional supplements and energy drinks into the retail market. We'll do the same thing with a new Insanity exercise program. What you will see from us in 2026 is the third year of the turnaround. The first two years were the financial turnaround. I've just told you all the impressive things that we've done. The third year will be where we focus on trying to grow our digital subscriber base, grow our nutrition business, expand into retail for the first time ever, cross-market and cross-pollinate our retail products with our digital fitness products, and take our CRM base of 8 million former members, many of whom were Shakeology, Insanity, and P90X users, and now be able to go to them with a new P90X and Insanity exercise program, a brand new line of supplements from these brands, and a new form factor for Shakeology, packaged form factor that carries a lower price, lower overall dosage in the packaging. That's 2026. Where we are today, and this is why I joined the company, we've got a library of 135 titles that cost us close to $500 million to produce. It's an incredible asset base in competitive mode. The company's market cap is roughly $40 million. We have more cash than we have debt on our balance sheet today. We have this $500 million library where cash flow positive, we've been EBITDA positive on an adjusted EBITDA basis for seven consecutive quarters, totaling almost $40 million. Yet the overall market cap of the company is only $40 million. To say that this is an opportunity, in my opinion, since I'm here putting my time, effort, and reputation on the line, is an understatement. Carl is a legend in this industry. That's why I joined the company. I believed in him. I believe in what he created. I believe in all the millions of people who have used this company's products for all of these years. What it needed was a re-architecture of its balance sheet, its P&L, and its manpower base. It was never a product issue. We've done all of that. Today, we've taken our costs down so that our marketing expense is 39.5% of our revenue. It was 51.1%. We have a line of sight to have that be sub-35% of revenue. That $1 of that reduction came out of the actual marketing spend. It was all out of the infrastructural spend that was part of that P&L line item. We're actually investing more from a marketing standpoint, but our percentage of sales has gone from 51% cost down to 39% cost on its way down to sub-35%. That's essentially the overview of the company. It has been a stunning financial turnaround, to be quite accurate with you. That was the heavy lifting. Now that a lot of that's behind us and we do have a line of sight towards being free cash flow positive, the focus is on all these new major initiatives to come out in 2026, which we previously called our innovation pipeline, which is now ready to start bearing fruit. Alex, with that, I'm going to turn it over to you. Perfect. Thank you very much for the background. Mark, maybe we could start a couple of questions on team and then go into products and distribution and then financials. On the team, just to start with you, I know you mentioned having a background in turnarounds, but I believe you wrote a very popular book on the subject, and it's used in classrooms. Maybe we could talk a little bit about your background and some of the success you've had with turnarounds, given the progress you mentioned for BODi so far. Thank you. Yeah, I've been a public CEO for many decades, going all the way back to the 1980s where I was the CEO of Fabergé, Elizabeth Arden, Reebok, was the first Chairman and CEO of Einstein Brothers, took it public, Einstein Brothers Bagels, ran LA Gear, invented lighted shoes, all of that. I started as the first Chairman and CEO of this raw startup called NetZero, which became a huge internet company, which we morphed into United Online. We owned FTD Flowers, Classmates.com, Juno, NetZero. We made $1.8 billion of EBITDA, returned $400 million of cash to our investors, public investors as dividends. I wrote the book on turnarounds when I was an Odyssey partner back in the late 1980s. We invented the prepackaged bankruptcy at the time, and we would buy busted LBOs, and we would go in and fix them and then take them public. I wrote a book called The Turnaround Prescription, which is a blueprint on how to reposition and re-architect troubled companies. I've been using that blueprint successfully, not for decades. Beachbody, now called BODi, which is an acronym for Beachbody On Demand Interactive, Beachbody was a classic candidate to apply those disciplines to, which is what we're doing. Perfect. Thank you. Carl, I know Mark mentioned you were one of the pioneers in this space. Even today, I think you have hundreds of thousands of personal followers, and you make content yourself. I was curious if you could talk a little bit about how you use that background to keep BODi at the forefront of content creation today. It is always about solving people's problems. That is what it has been about since day one, really, paying attention to what direction the market is headed. That is really what is exciting about this whole turnaround process and this particular stage of it. The problem of obesity, but even more acute, lifestyle disease, heart disease, type 2 diabetes, these are running rampant. They are as bad as any pandemic. We have the content and proven programs with our new agility that we can reach that massive market with this newly invented or restructured multi-channel sales approach. Where we were quite successful with the multi-level marketing business, that really was like limiting yourself to just the 10% of the population, according to surveys, that would buy from an MLM. Now we get to take this massive asset of programs that are proven, obviously big brand names like P90X, Insanity, 21 Day Fix, Morning Meltdown 100, 80 Day Obsession, and we get to sell them everywhere in every channel. As Mark has said, with his expertise launching into retail, this is a massive opportunity for us to take the power of these brands, leverage that brand awareness, and both create sales at retail, but also the prospect that people will come back and leverage or redeem their coupon codes that are on the package to access the digital content. This is really an exciting period for the business. Obviously, what we are the most proud of are the lives that have been changed, the health that has been changed for people. That is what I specialize in, paying attention to how you get people engaged and influence them to make a change. I saw one of the questions was, with the rise of connected fitness, where do we sort of live in that? Have we looked at the possibility of wearables or creating something that would help people understand their biometrics? Frankly, the real opportunity for us with this massive library and this new agility is to work with all the connected companies and all of the wearable companies because we have the solution. Let them measure it. We are going to provide access to tens of millions of people, hopefully, to this refined and efficient platform. That is my job, to make sure that the product is great and gets people the results that they expect. You know, Alex, some interesting numbers for your audience. There's about 230 million adults in America. About 185 million of them, I know this is going to sound shocking, are overweight. 185 million. 75 million people are categorized as clinically obese. The reason why we have all of this rampant high blood pressure, high diabetes levels, cardiovascular, sleep apnea, that's the reason. There's about 35 million people in America who are true exercisers out of the 230 million adults. What we're about to do is take this aperture. This is why the company is called BODi, not just The Beachbody Company anymore. It's not just about six-pack abs and big muscles. It's about making your body healthier so you can live longer because longevity is huge. Some people are interested in finding non-pharmaceutical solutions to their medical issues so they don't have to take a drug for the rest of their life. Not that there's anything wrong with that, but there's a lot of people who are reluctant to do that. There are natural ways to address these health issues that nobody has really addressed, largely because they don't have the size of a library. We have the Netflix of fitness. Whether you're a ranked beginner or someone like me who trains two and a half hours a day, that entire continuum is covered by our library. Our ability to go out and tell people that this will help them with their families, be around for their kids, improve their overall health, improve their energy. By the way, while you're doing that, you will lose weight, you will look better, you will be stronger. Versus it bursts into just being a vanity play or a fitness fanatic play, we'll certainly get those people. Now we have an improve-your-health-and-lifestyle-and-well-being play. The TAM has gone from 35 million people who are the exercise to the 230 million people who draw a breath as an adult every day in this country. That's where we're going. While we do that, we're going to be in retail stores in front of millions of people with the P90X, Shakeology, and then Insanity brand names cross-marketing back to our portfolio. We have a super powerful growth engine here waiting to occur in 2026 and 2027, none of which could have been started, Alex, until the financial turnaround was completed, which in our view, it now is. That's great. Yeah, it's a great story, I think, that you've done so far. It's a great segue into talking a little bit more about products and distribution. We have a couple of questions from the audience about retail. Maybe we could talk a little bit about what people should expect. Are we talking distribution to large retailers, small retailers, online, offline? Great question. Yeah. Are there any retailers that you're ready to talk about and name, or is that to be announced? It's to be announced. Let me explain how we're doing this. This is a great question. Having spent a bunch of my time running consumer packaged goods companies, we are building a virtual CPG. Just like the world is being taken over by AI and how that's going to change the world, we believe, and I strongly believe, that the way to build a consumer packaged goods company in today's world, if you're not Procter and you're not Unilever and you're not Johnson & Johnson, is to outsource commodity functions and keep in-house proprietary functions. What is proprietary? Product development, R&D, marketing. That's in-house. That's proprietary. That's our special sauce. We designed all of these products. We engineered them, and we're building them. However, the production of those products, the selling in of those products, and the ultimate shipping of those products, those are commodity functions best served by world-class partners who can do that. We've signed up the biggest world-class selling partner, brokerage partner in America. They're going to sell us into grocery, drug stores, mass merchants, the Targets and Walmarts of the world, club stores, Costco, Sam's Club, etc., and convenience stores. That's what they're going to do. We have a third-party logistics company, which will handle all of the shipping. We're partnering with one or two major outside product development companies who produce all of these ingredients and produce these formulas. We're going to rely upon them for not only that, but also helping us with research and development so that we can always be cutting edge. We don't have any of that burden on the P&L, Alex. We've basically taken what has formerly been a high fixed cost industry and turned it into a variable cost industry because all of this is outsourced. You can turn it up or you can turn it down, but you don't have a high intransigent internal burden to cover. The big message at our company has been we've created massive operating leverage in our P&L. We're going to continue that with the retail launch. You'll see us in big chains, but we will slowly roll it out. We're not going to go to all the chains at once. You'll see us do regional rollouts, prove our market share worth, and then you'll see a much bigger rollout back half of 2026 into 2027. The company that we run that does that will be a fully functioning CPG unit, but built in a virtual fashion, which is very much a late 2020s into 2030s business model. That's great. Yeah, the transition I think you've had from your old business model to more of a capital-efficient one is very interesting. Yeah. The extinguishing of the MLM. I mean, let's face it, a lot of people out there looked at a company that was a multi-level marketing company and said, I either don't want to buy products from them or I don't want to invest in them. We got rid of that at the end of 2024. The reason why you can't do year-over-year, quarter-over-quarter comparisons is we're a brand new company started January 1st, 2025. We are no longer anything close to what we were before. We now have five channels, essentially, where we sell our products, inclusive of direct-to-consumer. We have an affiliate network of people, which is like a better version of a refer-a-friend. We have Amazon and marketplaces. We will have retail, and we've got our own website, which previously you couldn't buy even our nutrition products on our website. You had to buy it from one of our members of our network. No longer. Now you can buy anything you want from our website. I think we're going to be in a great situation. The gold mine opportunity as well is that we've got over 8 million people in a CRM basket who are former P90X, Insanity, Shakeology members. We've yet to figure out the best way to re-engage them or reignite them. When we have a P90X Insanity line of nutritional products at a popular price point with a newly redesigned Shakeology package and a new P90X and new Insanity exercise program, we can now go to those people who probably cost us $1+ billion to acquire at one point. We can now go back to them with brand names they're familiar with, with brand new versions and new products that they could never buy from us before. That's a big idea. Absolutely. Yeah, these integrated products, I think, position you pretty well. Yes. I think we're in the last five minutes. Maybe we'll switch gears into financials. I'd love to start. I think while we've been on, the company announced the transition from the New York Stock Exchange to a NASDAQ listing. Could you share a little bit more about that and sort of how that positions you for success? We're very excited to become a NASDAQ company. NASDAQ is one of the leading exchanges with cutting-edge emerging technologies, game-changing companies. We just think that is the absolute right platform for BODi, The Beachbody Company, going forward. It really has the technology we need. It attracts the kind of investors that we believe are right for the company. We are very, very excited about this change. Great. Thank you. I think we've spoken a little bit about the company's progress towards free cash flow positivity. Maybe we could connect the dots to that and sort of the current capitalization and whether you feel anything needs to change in order to get to free cash flow positivity. Let's maybe talk about that a little bit. Are you talking about the cap structure of the company on a forward basis? Yes. Look, the company has historically, in the last couple of years, been sort of cash-starved. It had this debt that we had to deal with. When I came in two years ago, the debt was $50 million. That debt has now been cut in half. The effective interest has been cut by 40%. For the first time in a long time, our cash exceeds our debt. The way the place is structured, we have a great balance sheet right now. We have a really good cap structure. When our equity starts to be aligned with the true value of the company, we will have an incredibly valuable, right now unknown, latent instrument where we've got a $380 million federal NOL and a $400 million state NOL. That means that when our equity is properly valued, which it will be now that the turnaround is in progress, and with virtually very little debt on the balance sheet, we will be in a position to potentially consolidate key strategic assets that we can not only tuck in, but we can protect the profit because we have this massive NOL that lasts for 20 years and isn't going to burn off. If you just took the net present value, Alex, of a $400 million NOL, what's that worth? More than the market cap of our company, that's for sure. The exciting thing for us is that we've gotten the cap structure. It looks great. Balance sheet's strong. Unused NOLs from a company that is going to be positive cash flow and profitable. An industry that has lacked consolidation, which desperately needs it. If we haven't proven anything, we've proven that we're brilliant operators who have taken a break-even down from $900 million to less than $200 million. If we were to become a consolidator, we would do it in a very efficient way with a lot of operating leverage. That's the exciting part of the 2026 to 2028 horizon. Now, as we said, our free cash flow in the first half of this year is $4.2 million, $4.1 million. That's the first time we've had positive free cash flow since 2020. Right. That is just a phenomenal turnaround for the company, the team, and the business. Being candid, I mean, when I joined in June of 2023, we embarked upon a turnaround play. If I would have told you that, I mean, if you would have told me that we were going to have seven consecutive quarters of positive EBITDA and make almost $40 million and be cash flow positive in the first half of 2025, I would have said, slow your roll. We're going to get there. I'm not sure we're going to get there that quickly, but we're going to get there. We did. We are ahead of schedule on the financial turnaround. The exciting part of that is we'd always planned to launch these new products in 2026. We just didn't realize that the financial part of the turnaround would largely be behind us when all that new exciting news was about to come out. Absolutely. OK, great. We are almost out of time. Maybe as the last question, if we could just sum up the value proposition for investors who may be looking across fitness and nutrition tech and they're newer to your name, just to kind of close this out. All I can say is, as I said, I've been to this movie before. When I merged NetZero and Juno together to create United Online after the internet bubble had burst, I had a $1.6 stock and traded by appointment. You know the drill. People got into it because they believed in the story. A lot of people sat beside of it. One year later, the stock was $16, the number one stock in the NASDAQ. One year later, it was $35. I've lived this. You cannot compare the asset base of what we had here versus what that was. If I'm an investor, I'm looking at coverage. I'm saying if a company is worth $40 million, you know it's probably trading today at 20% of its revenue. I've never seen that. Normally, a company like that would be trading that way because it has $1 billion of debt. Actually, we only have $25 million and we have more cash than debt. Maybe they're not profitable. We are EBITDA positive and we are cash flow. I don't really understand the dislocation, but that's for the market to figure out. If I was going to take a bet on a company, I would say I'm going to wait until the financial turnaround has proven its worth. We've done that. This company has a brilliant history of launching incredible new products and being very successful. That has never been in question. The only thing that was in question was the balance sheet and the P&L, and that's been solved. From my perspective, that's why I'm here. I didn't need to come and do this. I did this because I believed in Carl and what he built and the products that are here and the fact that this was a ready-made turnaround situation. We've delivered. If people want to join this journey, hopefully, it will be a great ride. This is the time to get in. Great. Thank you very much for the introduction and fireside chat and for taking Q&A. Mark, Carl, and Brad, thanks for joining us today, as well as thanks to everybody for tuning in. Thank you, Alex. Always a pleasure. I really appreciate you pulling these guys together for us. Absolutely. Hey, guys. Thank you.